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CDFA Revolving Loan Fund Finance Update - November 12, 2019

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Revolving Loan Funds Update
November 12, 2019
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Revolving Loan Fund Finance Update

Features

Green Bay, WI Has $335K to Loan to Businesses for Expansion, Job Growth
A city-administered revolving loan fund got an unexpected windfall of $335,000 late this year and the program's manager wants to loan it back out again before the end of December. Wendy Townsend said the fund needs to lend all money out in order to qualify for a new infusion of federal Community Development Block Grant funds in 2020. 

Rensselaer, NY Announces Revolving Loan Nearing Depletion
City officials recently announced that its once-underutilized revolving loan fund, administered by the city's planning and development agency, is nearing full depletion. The fund has loaned out $360,000 over the past three years, creating more than two dozen jobs in the city and helped revitalize derelict and abandoned properties.

Legacy Fund Proposal to Create an RLF
Wardner, who promoted the Prairie Dog bill that established hub city and infrastructure funding this biennium, is favoring a plan for the Legacy Fund that he says is driven by a desire for lower taxes, increased quality of life and less reliance on the federal government. Top on the list of priorities are roads and revolving loan funds for cities and counties and for water infrastructure.

Reynoldsburg, OH to Use RLF for Traffic Signal
Construction will be paid for by using funds loaned to the city by the Franklin County Infrastructure Bank. Franklin County commissioners in April approved the city's application for a $750,000 loan. This is the first time Reynoldsburg has used the financing option, which carries an interest rate of 1.9%.

AIDEA Approves Sale of LNG Plant to Fairbanks Gas Utility
The Legislature gave AIDEA the authority to manage the Sustainable Energy Transmission and Supply, or SETS, loan funds as part of the $332 million, 2013 Interior Energy Project financing package. The loan is for 50 years with a 0.25 percent interest rate deferred for the first 15 years. Should IGU default on the loan the interest rate increases to 3 percent.

KY Drone Company Received RLF
The Jobs Development Authority will give an Economic Development Agency Revolving Loan Fund loan to Mobile Recon Systems LLC, a manufacturer of heavier load-bearing drones. That loan, along with a loan from Choice Bank and the North Dakota Development Fund, will total $1.2 million, $400,000 from each entity.

Water Infrastructure Funding Transfer Act Becomes Law, Expanding State Revolving Funds
The Water Infrastructure Funding Transfer Act adds flexibility to the State Revolving Funds (SRF) program to help finance projects that reduce lead in drinking water. The Water Infrastructure Funding Transfer Act allows transfers from the Clean Water State Revolving Fund to the Drinking Water State Revolving Fund.

NCGA Could Pass Storm Recovery Bill
The North Carolina Office of Recovery and Resiliency shall enter into agreements with local governments to ensure the proper use of the funds and the return of the funds to the State. Loans may be used for cash-flow assistance while awaiting federal reimbursement. NCORR shall operate the program on a revolving loan fund basis to assist the maximum number of local governments possible.

Upcoming Events
Intro Food Systems Finance WebCourse

CDFA-Bricker PACE Webinar Series: New Construction PACE
November 18, 2019 - 11:00 AM - 1:00 PM Eastern
In this webinar, the discussion will focus on the use of PACE financing as a tool in new construction projects. Learn from industry leaders and finance experts about how C-PACE can be a tool for new commercial development. PACE as a new form of capital provides unique alternatives to close financing gaps and to replace developer equity in projects under development.

CDFA // BNY Mellon Development Finance Webcast Series: Unlocking Capital for Native American Communities
Tuesday, November 19, 2019 - 1:00 PM Eastern
During this installment of the CDFA // BNY Mellon Webcast Series, we will discuss financing tools for Native American-owned businesses to assist in strengthening tribal nation's local economies.

Headlines

Akron, IA City Council Approves RLF
Hometowner | Nov. 11 | Revolving Loan Funds (RLFs)

Tunkhannock, PA Business and Professional Association Eyes Incentives
The Citizen's Voice | Nov. 11 | Revolving Loan Funds (RLFs) | Rural Development

Boothbay Harbor, ME Awarded $850K for Sewer Upgrade
The Free Press | Nov. 11 | Revolving Loan Funds (RLFs)

Mercer County, OH Commissioners Receive $164K Loan from Midwest Electric
Hometown Stations | Nov. 11 | Revolving Loan Funds (RLFs)

Oak Ridge, TN Closes Loans for Water Treatment Facility
Oak Ridge Today | Nov. 11 | Revolving Loan Funds (RLFs) | Water Finance

Princetown, IL to Receive RLF to Buy Ambulance
News Tribune | Nov. 9 | Revolving Loan Funds (RLFs)

US Senators Announce $400K in Rural Business Development
Augusta Free Press | Nov. 8 | Federal | Food Systems Finance | Revolving Loan Funds (RLFs)

CoreSite Announces Amended and Expanded Credit Facility
Business Wire | Nov. 8 | Revolving Loan Funds (RLFs)

Northfield, MN Pushes for Denser Development
Manitou Messenger | Nov. 7 | Revolving Loan Funds (RLFs)

Breckinridge, MN Council Approves Loans for Two Local Businesses
Wahpeton Daily News | Nov. 5 | Revolving Loan Funds (RLFs)

FL Gov. DeSantis Announces $3M in Loans for Rural Projects
Florida Daily | Nov. 5 | Revolving Loan Funds (RLFs) | Rural Development

Niagara County, NY Will Receive EPA Grant and RLF Funding
Niagara-Gazette | Nov. 4 | Brownfield Financing | Revolving Loan Funds (RLFs)

Missoula, MT Approves EPA Cleanup Revolving Loan Fund for Redevelopment
Missoula Current | Nov. 1 | Brownfield Financing | Revolving Loan Funds (RLFs)

Starbucks Investing $10M to Boost Small Business Lenders in Chicago, IL
Crain's Chicago | Oct. 29 | Access to Capital | Economic Development | Food Systems Finance | Revolving Loan Funds (RLFs)

New London, WI Is Looking to Build Riverfront Development
Waupaca County News | Oct. 17 | Revolving Loan Funds (RLFs) | Tax Credits | Tax Increment Finance (TIF)


New Additions to the Online Resource Database

2019 Federal Financing Webinar Series: Opportunity Zones and Small Business
Access to Capital | Community Development | Economic Development | Infrastructure Finance | Revolving Loan Funds (RLFs)
In this webinar, CDFA convened financing experts from the Small Business Administration, Economic Development Administration, and Polsinelli to discuss how their respective financing and grant programs can leverage Opportunity Fund investments in Opportunity Zones. CDFA centered the discussion around Opportunity Zones and SBA's 504 and 7(a) Loan programs, as well as EDA's Public Works, Economic Adjustment Assistance, and Revolving Loan Fund programs.

CDFA EDA Revolving Loan Fund Webinar Series: Fund Recapitalization and Expansion
Access to Capital | Revolving Loan Funds (RLFs) | U.S. Economic Development Administration (EDA) | Webcasts
Fund recapitalization can come from many sources, including local, state, and federal governments or financial and philanthropic institutions. Depending on the source, there may be certain requirements that need to be satisfied when moving through the actual lending process.

Equitable Food-Oriented Development
Access to Capital | Community Development | Food Systems Finance | Incentives | Revolving Loan Funds (RLFs)
Equitable Food Oriented Development (EFOD) is a framework, and growing movement, to reap the powerful benefits of food projects and enterprises as vehicles for community development and health, while investing deeply in the self-determination and leadership of community residents.


The Council of Development Finance Agencies (CDFA) is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information, visit www.CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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CDFA National Sponsors

  • Alaska Industrial Development and Export Authority
  • Baker Tilly Virchow Krause
  • BNY Mellon
  • Bricker & Eckler LLP
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
  • CohnReznick
  • FBT Project Finance Advisors LLC
  • Fifth Third Bank
  • Frost Brown Todd, LLC
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McCarter & English, LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
  • Petros PACE Finance
  • SB Friedman Development Advisors
  • Stern Brothers
  • Stifel Nicolaus
  • U.S. Bank
  • Wells Fargo Securities
  • Wilmington Trust
  • Z. The Bond Buyer
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